Circle has transferred its cash reserves deposited in Silicon Valley Bank to other banks, and it may arrive as soon as next Monday

Odaily Planet Daily News Google Product Vice President Bradley Horowitz tweeted that he and a CEO friend passed by SVB’s Palo Alto office and just saw an FDIC employee posted a QR code on the door (including frequently asked questions) . Wire transfers received by Silicon Valley Bank by 8:00 a.m. PST on Friday will be honored and should also begin processing next Monday morning, according to the communication. Banking mechanisms (such as SVB credit and debit cards, receiving wire transfers, etc.) will also likely resume next Monday morning. According to previous reports, Circle announced that although USDC can be used on the chain around the clock, its issuance and redemption are limited by the working hours of the US banking system. USDC liquidity operations will return to normal next Monday morning when major banks in the United States go to work. USDC’s $3.3 billion cash reserves are still held by Silicon Valley Bank. As of Thursday, Circle had attempted to transfer the funds to other banking partners. While the transfers had not yet settled as of the close of banking business on Friday, Circle said it remained confident in the FDIC’s administration of SVB and stood ready to receive the funds. Circle understands that the FDIC is currently determining the status of transactions initiated before the applicable receivership deadline, with transfers initiated on Thursday likely to be processed the following Monday. However, it is also possible that SVB will not be able to return 100% of the funds, and any payment may take some time as the FDIC issues IOUs (i.e. certificates of receivership) and prepaid dividends to deposit holders. So in this case, Circle will support USDC as legally required by U.S. stored-value currency transmission regulations, and use company resources to bridge any shortfall, involving outside capital if necessary.

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